NEW DELHI: Reliance Retail is set to foray into the fast-moving consumer goods (FMCG) business, the company’s director Isha Ambani announced at RIL’s 45th Annual General Meeting on Monday.
“I am excited to announce that this year, we will launch our fast-moving consumer goods business. The objective of this business is to develop and deliver high quality, affordable products which solve every Indian’s daily needs,” the Ambani scion said.
With the foray, the retail arm of Reliance Industries will be competing with FMCG majors such as Hindustan Unilever (HUL), Marico, Nestle, Britannia and Dabur, among others. The retail arm of the conglomerate entered into the pharmacy retail segment with the acquisition of Netmeds a year ago. the Ambani scion, in her address, also noted that Reliance Retail’s fashion and lifestyle business has the widest physical reach with nearly 4,000 stores in over 1,000 towns. She added the company’s consumer electronics business has a network of over 8,700 stores across 7,000 towns and the grocery business serves through a network of nearly 2,500 stores.
Mukesh Ambani also introduced his daughter Isha as the leader of RIL’s retail business. The RIL chief also told shareholders of the company that he will share an update on the planned initial public offer (IPO) of Reliance Retail and Reliance Jio in the annual general meeting of the company next year. Reliance Retail has opened over 2,500 stores in the year to take its total store count to over 15,000.